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Court OK could make GM top Delphi shareholder.(General Motors Corp.)(Delphi Corp.)
Crain's Detroit Business, May, 2006 by Barkholz, David
Byline: David Barkholz, Robert Sherefkin Crain News Service General Motors Corp. could emerge as Delphi Corp.'s largest shareholder when the automotive supplier leaves Chapter 11 reorganization. GM, which spun off Delphi in 1999, expects to spend at least $5 billion on early retirement buyouts and health care expenses for 13,000 hourly Delphi workers.
The automaker has asked the U.S. Bankruptcy Court to treat those costs as unsecured debt. According to a senior GM executive who requested anonymity, the automaker hopes Delphi's unsecured debt will be converted into equity when the supplier emerges from Chapter 11. There is a big "if'' involved: U.S. Bankruptcy Judge Robert Drain must approve it. If the court converts Delphi's debts into equity, the GM...
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